Up 60% the Last 6 Months, This Cloud Company Just Boosted Its Growth Prospects
RingCentral (NYSE: RNG) announced excellent fourth-quarter results on Monday, exceeding the symbolic $1 billion mark of annual revenue run rate one year earlier than expected. The company is profiting from the tailwinds of its unified communication-as-a-service (UCaaS) portfolio as more and more enterprises transition from legacy on-premises systems to cloud-based solutions. And this week, RingCentral announced a new partnership that should boost its revenue growth over the medium term.
RingCentral's impressive fourth-quarter revenue growth to $253 million, up 34% year over year, was due to the broad strength of its cloud-based unified communication offering.
Besides the usual advantages of cloud applications over legacy on-premises systems (easier implementation and maintenance), RingCentral's communication solutions consolidate voice, video, and text capabilities. In addition, the company's flagship product RingCentral Office can be integrated into applications and workflows thanks to its programmable interface. As a result, the research company Gartner positioned RingCentral as a leader for UCaaS based on its strong ability to execute and its completeness of vision.
Source Fool.com
